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Does Your Business Need A CFO?

Jan 21Andrew Tucker

Entrepreneurs and small business owners can have excellent skills at managing their companies, including financial matters, but as the company grows and becomes more complex, most will reach a point when they realize it is time to step back and allow the financial matters to be handled by an experienced and qualified CFO. That important addition can make a tremendous difference in company operations and profitability.

When a business owner is feeling the pressures of too much to do, or is overloaded and overwhelmed by the demands of financial planning, record keeping, financial reporting and managing financial operations, it is time to bring in an experienced and highly qualified CFO to share the load. Every company, regardless of its size, can benefit from the services of a CFO.

Common questions a small business owner might ask when considering hiring a CFO include the following:

1. How will I know I need a CFO? Here are some indications:
• Your company’s finances take more of your attention than ever.
• You are distracted from critical revenue generating activities to handle finance issues.
• Your business is spiraling down and you cannot determine why
• You are expanding and you need help to manage it.
• You are not getting financial reports on a timely basis that you trust and understand.
• You don’t understand some of the finance related correspondence you receive.

2. What can a CFO do for my business? A dedicated CFO will manage the financial aspects of your business, so you can concentrate on other administrative and revenue producing tasks to support company growth. The CFO can help create accurate and reliable financial reports for better management decision making, control company costs, assess new business opportunities, and help your business move forward. In brief, a CFO will help manage financial risk, planning, record keeping and reporting for your business.

3. What services does a CFO provide? A CFO provides leadership and expertise in a variety of financial areas including: cash flow, budgeting & forecasting, strategic planning, banking, borrowing, insurance, accounting, financial reporting and exit planning.

4. How expensive is it to hire a CFO? It is costly to not hire a CFO. They can be a great addition to your company in terms of allowing growth in a fiscally responsible manner. They become part of your team, and can truly enhance your company’s movement toward growth.

We provide complete CFO services to small and mid-sized companies on an as-needed and affordable basis.  If your company has reached a point where you need CFO services, please contact me by phone at 704/651-2216 or e-mail at andrewtucker@b2bcfo.com for a free assessment of your company’s financial needs.

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